THE northern beaches has its first $5 million suburb, and it’s not where you might expect.
The traditional peninsula top and toe suburbs of Palm Beach and Manly have missed out on the crown by a long shot, new figures from CoreLogic reveal.
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Whale Beach took the crown, with a new median house sale price of $5,005,000, based on 10 sales in the 12 months to November, 2018.
This represents a five-year price growth of 113.4 per cent.
Manly’s median house price is $3,100,000, based on 71 sales, a five-year growth of 89.6 per cent, while Palm Beach’s median of $3,275,000 represents a 48 per cent growth over five years.
Whale Beach is traditionally not a high volume sales suburb, and at least half of those recorded last year were on the beachfront.
Sales in the exclusive pocket traditionally take longer to sell than the current northern beaches’ general 59 days.
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David Edwards, said many of these beachfronts had been on the market for more than a year, before the run of sales started.
“It took people a while to come back to Whale Beach but when they did there was a lot of activity,” he said.
“It’s a fantastic result for Whale Beach (to reach the $5 million median price), it’s been a really good market.”
While this was great news for the market, it meant that it would probably be a while before any more beachfront stock came to market.
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Currently there are only a handful of properties in Whale Beach for sale, including Rocca Bella, the impressive oceanfront estate once owned by the late Dame Joan Sutherland.
The 3100sqm property at 24-26 Rayner Rd, includes a three-level, 1950s home and pool, and comes with council-approved plans for a new, seven-bedroom, masterpiece designed by Campbell Architecture.
It is for sale through Mr Edwards with a price guide of $7.5 million-$8 million.
He also has a luxury trophy home at 12 Morella Rd for sale with a guide of $8 million-$8.5 million.
Mr Edwards said high end buyers were drawn to the suburb for its peace and privacy. He said the fact that it was a little more off the beaten track was a definite drawcard for high-end buyers who wanted to be away from the glare of busy beaches and large crowds.
“It’s smaller and there’s no public transport, so it tends to be a lot quieter, and that’s how people like it in Whale Beach,” he said.